Jade Biosciences posts 2025 loss, boosts cash

Jade Biosciences reported fourth quarter and full year 2025 results and detailed progress across its autoimmune disease pipeline.

Rhea-AI Filing Summary

Jade Biosciences reported fourth quarter and full year 2025 results and detailed progress across its autoimmune disease pipeline. The company ended December 31, 2025 with cash, cash equivalents and investments of $336,158 thousand and total assets of $349,781 thousand.

Total liabilities were $17,263 thousand and stockholders’ equity was $332,518 thousand, compared with a deficit a year earlier. For 2025, research and development expenses were $93,121 thousand and general and administrative expenses were $20,421 thousand, leading to a net loss of $127,410 thousand.

The net loss per share attributable to common stockholders was $3.19 basic and diluted. Management highlighted clinical momentum for JADE101 in Phase 1 for IgA nephropathy, plans to start a Phase 2 trial and first-in-human dosing of JADE201, and an expected cash runway extending into the first half of 2028.

Insights

Biotech equity analyst

Early-stage Jade is well funded but loss-making as R&D ramps.

Jade Biosciences reported a 2025 net loss of $127,410 thousand as it invested heavily in pipeline development, with research and development expenses of $93,121 thousand and general and administrative costs of $20,421 thousand.

The balance sheet strengthened, with cash, cash equivalents and investments of $336,158 thousand and stockholders’ equity of $332,518 thousand as of December 31, 2025, versus a deficit in 2024. This level of capital supports multiple trials but also implies continued high cash use.

Operationally, the company is advancing JADE101 through a Phase 1 trial in IgA nephropathy and preparing a Phase 2 study, while planning first-in-human evaluation of JADE201 in rheumatoid arthritis in the second quarter of 2026. Management states that the cash runway is expected to extend into the first half of 2028, framing the time available to progress these programs.

8-K Event Classification

Item 2.02 — Results of Operations and Financial Condition

1 item

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Jade Biosciences (JBIO) 2025 revenues and net income?

Jade Biosciences reported no product revenue in 2025 and generated a net loss of $127,410 thousand. The loss was driven mainly by $93,121 thousand in research and development spending and $20,421 thousand in general and administrative expenses as the pipeline advanced.

How strong was Jade Biosciences (JBIO) balance sheet at December 31, 2025?

At December 31, 2025, Jade Biosciences held $336,158 thousand in cash, cash equivalents and investments, with total assets of $349,781 thousand. Total liabilities were $17,263 thousand, supporting stockholders’ equity of $332,518 thousand after eliminating the prior year deficit.

What were Jade Biosciences (JBIO) key operating expenses in 2025?

In 2025, Jade Biosciences recorded $93,121 thousand in research and development expenses and $20,421 thousand in general and administrative expenses. These operating costs totaled $113,542 thousand, reflecting investment in JADE101, JADE201, JADE301 and corporate infrastructure.

What loss per share did Jade Biosciences (JBIO) report for 2025?

For 2025, Jade Biosciences reported a net loss per share attributable to common stockholders of $3.19 basic and diluted. This was calculated on a weighted-average of 31,359,958 common shares outstanding during the year, reflecting the company’s early-stage status.

How long does Jade Biosciences (JBIO) expect its cash runway to last?

Jade Biosciences stated that its cash runway is expected to extend into the first half of 2028. This guidance is based on its current cash, cash equivalents and investments of $336,158 thousand and planned spending on clinical and corporate activities.

What are the main drug candidates in Jade Biosciences (JBIO) pipeline?

Jade Biosciences is developing JADE101, a selective anti-APRIL antibody in a Phase 1 trial for IgA nephropathy; JADE201, an afucosylated anti-BAFF-R antibody with a planned first-in-human study in rheumatoid arthritis; and JADE301, an undisclosed antibody program in preclinical development.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/06/2026 - 07:11 AM Learn about SEC filing dates

NASDAQ false 0001798749 0001798749 2026-03-06 2026-03-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 6, 2026

Jade Biosciences, Inc.

(Exact name of Registrant as specified in its charter)

Nevada		001-40544		83-1377888
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

221 Crescent St., Building 23 Suite 105 Waltham, MA		02453
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (781) 312-3013

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		JBIO		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 2.02. Results of Operations and Financial Condition.

On March 6, 2026, Jade Biosciences, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).

This Item 2.02 and Exhibit 99.1 to this Report are being furnished to the SEC and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT INDEX

Exhibit		Description
99.1		Press release issued on March 6, 2026.
104		Cover page interactive data file (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Jade Biosciences, Inc.
				(Registrant)
Date: March 6, 2026				By:		/s/ Bradford Dahms
				Name:		Bradford Dahms
				Title:		Chief Financial Officer

Exhibit 99.1

Jade Biosciences Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update

• JADE101 Phase 1 healthy volunteer interim data expected in the second quarter of 2026; Phase 2 clinical trial in patients with IgA nephropathy expected to begin mid-2026 with preliminary data anticipated in 2027

• JADE201, a half-life extended afucosylated anti-BAFF receptor antibody, expected to advance into first-in-human clinical trial in rheumatoid arthritis patients in the second quarter of 2026; interim data anticipated in 2027

• Third development candidate, JADE301, nominated; Phase 1 clinical trial expected to commence in the first half of 2027

• $336 million of cash, cash equivalents, and investments as of December 31^st, 2025 expected to provide runway into the first half of 2028

San Francisco and Vancouver, British Columbia – March 6, 2026 – Jade Biosciences, Inc. (“Jade” or the “Company”) (Nasdaq: JBIO), a biotechnology company focused on developing best-in-class therapies for autoimmune diseases, today announced financial results for the fourth quarter and full year ending December 31, 2025, and provided a corporate update.

Tom Frohlich, Chief Executive Officer of Jade Biosciences, commented: “We closed 2025 with strong momentum, having initiated the JADE101 Phase 1 healthy volunteer study, continued to advance JADE201 toward the clinic, and further strengthened our team and balance sheet. As we look ahead, our focus is on delivering interim, biomarker-rich Phase 1 data for JADE101, initiating the Phase 2 clinical trial in IgA nephropathy, and starting first-in-human dosing for the Phase 1 clinical trial of JADE201. With multiple clinical milestones approaching and cash runway expected to extend into the first half of 2028, we are well positioned to execute on our near-term priorities while continuing to build a differentiated pipeline with the goal of delivering best-in-class, disease-modifying autoimmune therapies to patients.”

Pipeline and Corporate Updates

JADE101: potentially best-in-class selective anti-APRIL monoclonal antibody for IgA nephropathy (IgAN)

• Phase 1 biomarker-rich interim results from the ongoing healthy volunteer study are expected in the second quarter of 2026 and are anticipated to define dose and dose interval selection for IgAN patient studies.

• Jade expects to evaluate the Phase 1 clinical data and explore opportunities to accelerate the development of JADE101.

• Jade expects to initiate a Phase 2 clinical trial in patients with IgAN mid-2026, with preliminary data anticipated in 2027.

JADE201: potentially best-in-class anti-BAFF-R monoclonal antibody for autoimmune diseases

• A first-in-human study initially evaluating JADE201 in patients with rheumatoid arthritis is expected to begin in the second quarter of 2026, with interim data anticipated in 2027. With its differentiated mechanism and engineering, JADE201 has broad potential across a range of autoimmune diseases validated by BAFF-R biology.

JADE301: undisclosed antibody program for autoimmune diseases

• JADE301, an undisclosed antibody program, is expected to enter a first-in-human clinical trial in the first half of 2027. Further details on JADE301 are expected to be disclosed in the second half of 2026.

Corporate

• In the fourth quarter, Jade completed two private placement financings resulting in gross proceeds of approximately $180 million, with participation from new and existing leading healthcare investors.

Fourth Quarter and Full Year 2025 Financial Results

• Cash Position: As of December 31, 2025, Jade had cash, cash equivalents, and investments of $336.2 million. Based on its current operating plans, Jade believes that its existing cash will enable it to fund its operating expenses and capital expenditure requirements into the first half of 2028.

• Research and Development (R&D) expenses: R&D expenses totaled $28.5 million for the fourth quarter ended December 31, 2025, compared to $17.6 million for the quarter ended December 31, 2024. For the full year ended December 31, 2025, R&D expenses totaled $93.1 million, compared to $31.2 million for the period from June 18, 2024 (Inception) to December 31, 2024. R&D expenses increased primarily due to higher personnel-related costs as the Company builds out the internal R&D function as well as increased costs around chemistry, manufacturing and controls and early clinical activity.

• General and Administrative (G&A) expenses: G&A expenses totaled $6.4 million for the fourth quarter ended December 31, 2025, compared to $2.4 million for the quarter ended December 31, 2024. For the full year ended December 31, 2025, G&A expenses totaled $20.4 million, compared to $4.3 million for the period from June 18, 2024 (Inception) to December 31, 2024. G&A expenses increased primarily due to higher personnel-related costs as the Company builds out its internal infrastructure.

• Net loss: Net loss totaled $31.9 million for the fourth quarter ended December 31, 2025, compared to a net loss of $30.1 million for the quarter ended December 31, 2024. For the full year ended December 31, 2025, net loss was $127.4 million, compared to $47.0 million for the period from June 18, 2024 (Inception) to December 31, 2024. Net loss increased primarily as a result of higher R&D and G&A expenses, as described above.

• Shares Outstanding: As of December 31, 2025, Jade had approximately 70,715,773 million shares of common stock and common stock equivalents outstanding, including shares underlying pre-funded warrants and non-voting convertible preferred stock.

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About Jade Biosciences, Inc.

Jade Biosciences is a clinical-stage biotechnology company focused on developing best-in-class therapies that address critical unmet needs in autoimmune diseases. Jade’s lead candidate, JADE101, targets the cytokine APRIL, and is currently being evaluated in a Phase 1 clinical trial for the treatment of immunoglobulin A nephropathy. Jade’s pipeline also includes JADE201, an afucosylated anti-BAFF-R monoclonal antibody, as well as JADE301, an undisclosed antibody candidate, both currently in preclinical development. Jade was launched based on assets licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount. For more information, visit JadeBiosciences.com and follow the Company on LinkedIn.

Forward-Looking Statements

Certain statements in this communication, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Jade’s expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation, Jade’s ability to achieve the expected benefits or opportunities with respect to JADE101, JADE201 and JADE301; plans for future clinical trials, including the expected timelines for initiation of the Phase 2 clinical trial of JADE 101 and first-in-human clinical trials of JADE201 and JADE301; expected timelines for data from the Phase 1 clinical trial of JADE101, the Phase 2 clinical trial of JADE101 and the Phase 1 clinical trial of JADE201; the potential of Jade’s product candidates to become best-in-class therapies, their potential therapeutic uses, efficacy, safety profiles, and dosing; and the potential for Jade’s cash runway to extend into the first half of 2028. The words “opportunity,” “potential,” “milestones,” “pipeline,” “can,” “goal,” “strategy,” “target,” “anticipate,” “achieve,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “plan,” “possible,” “project,” “should,” “will,” “would” and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Jade will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Jade’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks that the Phase 1 clinical trial of JADE101, the planned Phase 2 clinical trial of JADE101, the planned Phase 1 clinical trials of JADE201 and JADE301 and any other future trials may be delayed or may not demonstrate desirable efficacy; adverse events and safety signals may occur; Jade may experience unanticipated costs, difficulties or delays in the product development process; Jade’s product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; enrollment or regulatory challenges; risks associated with Jade’s dependence on third-party vendors for the development, manufacture and supply of its product candidates; Jade may use its capital resources sooner than expected; and the other risks, uncertainties and factors more fully described in Jade’s most recent filings with the Securities and Exchange Commission (including the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and its subsequent filings). Should one or more of these risks or uncertainties materialize, or should any of Jade’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not

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place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Jade does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements, except as required by law. This communication does not purport to summarize all of the conditions, risks and other attributes of an investment in Jade.

Jade Biosciences Contact

Priyanka Shah

Media@JadeBiosciences.com

IR@JadeBiosciences.com

908-447-6134

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JADE BIOSCIENCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

		December 31, 2025				December 31, 2024
Cash, cash equivalents and investments		$	336,158			$	69,386
Other assets			13,623				3,413
Total assets		$	349,781			$	72,799
Total liabilities		$	17,263			$	119,596
Total stockholders’ equity (deficit)			332,518				(46,799	)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)		$	349,781			$	72,799

JADE BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

		Year Ended December 31, 2025				Period from June 18, 2024 (Inception) to December 31, 2024
Operating expenses
Research and development		$	93,121			$	31,234
General and administrative			20,421				4,304
Total operating expenses			113,542				35,538
Loss from operations			(113,542	)			(35,538	)
Other income / (expense)
Interest income			7,782				1,159
Change in fair value of convertible notes payable			(21,584	)			(12,600	)
Other expense			(8	)			—
Total other expense, net			(13,810	)			(11,441	)
Net loss before income tax expense			(127,352	)			(46,979	)
Income tax expense			(58	)			—
Net loss			(127,410	)			(46,979	)
Other comprehensive income (loss):
Currency translation adjustment		$	(28)			$	—
Unrealized gain on investments		$	157			$	—
Comprehensive loss		$	(127,281	)		$	(46,979	)
Net loss per share attributable to common stockholders, basic and diluted		$	(3.19	)		$	(14.89	)
Net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted		$	(3,193.30	)		$	—
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted			31,359,958				3,155,500
Weighted-average shares used in computing net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted			8,541				—

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Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 54.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 19.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.9 KB